Revenue for the full year fell by 7.4% y-o-y to $16.7 million while gross profit fell by 4.1% y-o-y to $8.2 million. The group’s gross profit margin (GPM), however, improved to 49.2% from 47.5% last year.
Noel Gifts International reported earnings of $13.3 million for the FY2024 ended June 30, 59.3 times higher than the earnings of $225,000 in the FY2023.
The surge was attributed to the disposal of its units at 50 Playfair Road. The disposal was completed on April 2, resulting in profit from discontinued operation, net of tax, of $14.2 million in the current financial year, up from $307,000 in the year before. The group netted proceeds of $30.8 million from the sale of the units and a gain on disposal of $16.1 million was recognised for the FY2024.
